Banks Face Fed, OCC Actions

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MORTGAGE EXPERT
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Nearly three dozen regulatory actions were recently taken against U.S. financial institutions. Formal agreements, which sometimes require changes in operations and management, accounted for most of the latest activity.

Cease-and-desist orders, which often precede the failure of a bank, were issued against the following two banks by the Office of the Comptroller of the Currency.

Cease-and-Desist Orders

Company Location Regulator Order/Docket No. Date
Far East National Bank Los Angeles OCC 2010-038 March 9
Solera National Bank Lakewood, Colo. OCC 2010-039 March 18

The OCC terminated cease-and-desist orders against The Granville National Bank and First National Bank of Kansas.

Formal agreements, which usually require the conservation of capital, were announced by the Federal Reserve Board and the OCC against the following institutions.

Formal Agreements

Company Location Regulator Order/Docket No. Date
Access Bancshares Inc. Champlin, Minn. Federal Reserve Bank of Minneapolis 10-035-WA/RB-HC April 7
Atlantic BancGroup, Inc. Jacksonville Beach, Fla. Federal Reserve Bank of Atlanta 09-184-WA/RB-HC March 26
Atlantic Southern Financial Group Inc. Macon, Ga. Federal Reserve Bank of Atlanta, Banking Commissioner of the State of Georgia 10-040-WA/RB-HC March 26
Bank of The Rio Grande N.A. Las Cruces, N.M. OCC 2010-056 Feb. 17
BankTennessee Bancshares Inc., BankTennessee Collierville, Tenn. Federal Reserve Bank of St. Louis 10-005-WA/RB-HC, 10-005-WA/RB-SM March 25
Citizens Bancshares of Woodville Inc. Hudson, Wis. Federal Reserve Bank of Minneapolis 09-178-WA/RB-HC March 31
Citizens First National Bank Princeton, Ill. OCC 2010-051 March 15
Citizens National Bank of Paintsville Paintsville, Ky. OCC 2010-053 Feb. 23
FCB Florida Bancorporation Inc., First Commercial Bank of Florida Orlando, Fla. Federal Reserve Bank of Atlanta, State of Florida Office of Financial Regulation 10-038-WA/RB-HC, 10-038-WA/RB-SM March 31
First Banks Inc., The San Francisco Co., First Bank St. Louis Federal Reserve Bank of St. Louis 10-021-WA/RB-HC, 10-021-WA/RB-SM March 24
First National Bank Hays, Kan. OCC 2010-052 Jan. 27
The First National Bank and Trust Company of Broken Arrow Broken Arrow, Okla. OCC 2010-057 Feb. 11
First National Bank Minnesota St. Peter, Minn. OCC 2010-055 March 3
First National Bank of Central Alabama Aliceville, Ala. OCC 2010-045 Feb. 17
First National Bankers Bank, Alabama Homewood, Ala. OCC 2010-047 March 24
Forrest City Bank, N.A. Forrest City, Ark. OCC 2010-048 Feb. 17
Freedom National Bank Greenville, R.I. OCC 2010-059 March 4
Golden Bank, N.A. Houston OCC 2010-060 Jan 20
Independent Bancshares Inc. Ocala, Fla. Federal Reserve Bank of Atlanta 10-047-WA/RB-HC March 29
Lakewood Bank, N.A. Baxter, Minn. OCC 2010-054 March 15
The Mason National Bank Mason, Texas OCC 2010-061 March 15
Midsouth Bank, N.A. Dothan, Ala. OCC 2010-046 March 25
Peoples National Bank Leadville Leadville, Colo. OCC 2010-049 Feb. 17
Resource Bank, N.A. Dekalb, Ill. OCC 2010-050 Feb. 11
Rosemount Financial Services Inc. Rosemount, Minn. Federal Reserve Bank of Minneapolis 10-050 -WA/RB-HC April 2
Valley National Bank Tulsa, Okla. OCC 2010-058 Feb/ 24

Formal agreements with First National Bank and Texana Bank, N.A., were terminated by the OCC.

The OCC reported that five institutions faced civil money penalties.

Civil Money Penalties

Individual Company Location Regulator Order/Docket No. Amount Date
Larsh, Steve First National Bank in Pawhuska Pawhuska, Okla. OCC 2010-040 na Feb. 5
Fisher, Alvin Texas Republic Bank, N.A. Frisco, Texas OCC 2010-044 na March 29
Stuart, Douglas First National Bank in Pawhuska Pawhuska, Okla. OCC 2010-042 na Feb. 5
Stuart, Elizabeth A. First National Bank in Pawhuska Pawhuska, Okla. OCC 2010-041 na Feb. 5
Stutz, Larry First National Bank in Pawhuska Pawhuska, Okla. OCC 2010-043 na Feb. 5

The Fed reported the following prompt corrective action.

Prompt Corrective Action Directive

Company Location Regulator Order # Date
Midwest Bank and Trust Co. Elmwood Park, Ill. Federal Reserve Board 10-055-PCA-SM March 30

The OCC reported that a notice (No. N10-001) was filed against Richard E. Magnuson of American Bank, N.A., in Lemars, Iowa on Feb. 18.

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